It pays to live in the big city, unless that city is New York

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On average, US housing prices rose nearly 14% in October, compared with the previous year. But the annual gain is only around 5%if your property happens to be in New York City.

When it comes to residential property prices, large disparities between national averages and a country’s largest city are common. But it usually works the other way around. London property prices have consistently roared ahead of the national average, stoking fears of a localized bubble. Property prices in Dublin are also recovering rapidly, leaving the rest of Ireland behind.

In the chart below, the latest annual change in residential property prices is shown for a country’s largest city and national averages in a selection of countries. (Definitions often vary, so the data are not strictly comparable.) This shows where important regional property markets may be leading or lagging broader national trends. It also shows that despite the headline figures, it always pays to remember the estate agent’s motto: location, location, location.